Update! Santander First Home Saver Account: 5% on up to 50k savings (up to 35 only)

im1dful

rb10 wrote: »

Good spot!

My hunch is that it's an error, as they've recently changed their website from having a PDF of all rates of accounts no longer available (the one from August is here, stating 3% on up to £49,999.99).

Firstly, why would they have removed this restriction? It's not as if they're desparate for cash, and this account is expensive for them.

And secondly, I think they'd have told us, rather than just change their website.

By all means try it, but expect to have to make a complaint (and probably fight quite a bit!) to get interest on above £50k.

Also, it says that it is a cashcard account. Unless I've missed something, that seems to be an error too

catoutthebag

I used to have one of these acc a few years ago but closed it. I'm under 35 & never had a mortgage. Guess I can't open a new one ? Still 5%, affirmative?

afmfifgh

No you can't open one. It is closed to new applicants and it now pays 3%. Full rate details are available on their website.

someone

im1dful wrote: »

Also, it says that it is a cashcard account. Unless I've missed something, that seems to be an error too

I have a feeling there is a way to get a card for this account or maybe use a debit card in a santander ATM and operate on the account via the menu/linked accounts.

afmfifgh

I have had it confirmed to me that the £49,999.99 balance for earning interest remains in place and that they are now aware of the information being incorrect on the website.

Shame

Though through the use of 2 Santander123 current accounts you can pretty much accomplish the same end outcome of earning 3% on balances of £89,999.99 by keeping £20,000.00 in each Santander123 account which pay 3% (plus cashback less £2 a month fee).

jancollins

Maybe a little OT here! I have had £15k savings in this account for the past 2-3 years, paying tax on the interest each year despite having only earned around £10k pa., and at present I am currently unemployed. Is there anything I can do to claim back the tax paid on the interest, if eligible?

Thank you

jancollins

jancollins wrote: »

Maybe a little OT here! I have had £15k savings in this account for the past 2-3 years, paying tax on the interest each year despite having only earned around £10k pa., and at present I am currently unemployed. Is there anything I can do to claim back the tax paid on the interest, if eligible?

Thank you

Anyone...?

someone

jancollins wrote: »

Anyone...?

R85 to you bank for this year http://www.hmrc.gov.uk/forms/r85.pdf

And give HMRC a ring, you can get about 6 years overpaid tax back (I think)

tara747

chamelion wrote: »

Personally I think their 123 account is better. You get the 3% interest. While there's a £2/mo fee, that's easily offset by an up-to-3% cashback on bills.

beefturnmail wrote: »

To say one is 'better' than the other is a bit like comparing apples and pears - the 123 current account has other strings attached (e.g. you have to fund with a minimum amount each month).

Also, the 123 account only pays 3% on balances up to £20,000.

afmfifgh

Good to see the account is still paying 3%. Do note though that they STILL have it saying 3% on balances of £1+ on their website.

It is 3% on balances of £1 to £49,999.99. Money over that gets 0%.

Eg. the first £49,999.99 still gets 3% if you have say £70,000 in the account. The other £20,000.01 gets 0%.

Long may the 3% continue!